Couple saving scheme: The government runs many schemes to benefit people. If you want to invest without risk, the post office scheme can help. Many small savings schemes are being run through the post office. You can open accounts in schemes such as RD, TD, MIS, Kisan Vikas Patra, and PPF. In this article, we are going to give you information about a scheme in which you can open an account with your wife or any member of your family and earn a lot on a monthly basis while sitting at home. This is called the Post Office Monthly Income Scheme. Let us know about it in detail.
Post Office Monthly Income Scheme
In this scheme, the annual interest rate is 7.4 per cent. In this scheme, you have to invest money only once. After that, you continue to receive fixed monthly interest income for 5 years. If you open a joint account in this scheme, you will get monthly interest income of Rs 9250. This scheme is a government-supported scheme. Therefore, it provides guaranteed returns.
What is the monthly income?
Monthly Income Scheme: You can open an account with a minimum of Rs 1,000. You can open a single or joint account. You must invest Rs 9 lakh in a single account. A joint account requires a minimum investment of Rs 15 lakh. In this post office scheme, you can register the names of 3 people in a joint account. If you invest Rs 15 lakh in this scheme by opening a joint account with your wife, then you will get a monthly interest of Rs 9250.
What will be the income on an investment of Rs 5 lakh?
If you invest Rs 5 lakh with your wife in the Post Office Monthly Income Scheme, then at the interest rate of 7.4%, you will get a monthly fixed interest income of Rs 3083. This amount will remain available for the full 5 years.
A savings account is necessary in the post office
The interest you receive under this scheme goes directly into your bank account. After maturity, all your investment money is transferred to the account itself. To open an MIS account in the post office, it is very important for you to open a post office savings account.
Understand the rule of premature closure
If you plan to close the account prematurely, some conditions apply. You cannot close the account within 3 years of opening it. If you close the account after 1 year but before 3 years, then 2% is deducted from the deposited amount. Whereas after 3 years, if you close it before 5 years, 1% of the amount is deducted.
Important things for maturity
This scheme matures in 5 years. After this, you can close this account and receive the deposited amount. If the account holder dies before maturity, all the money is returned as per the rules, and interest is also received up to that time. If you do not close the account after 5 years, interest continues to be paid on the deposited amount as per the Post Office Savings Account.
For whom is this scheme suitable?
This post office scheme suits husbands and wives who want monthly income without risk. If retired couples are looking for stable income, this scheme can prove to be very reliable for them.